Police have begun investigating S&A’s banking and accounting records, according to a report in today’s Financial Times, in order to get a better picture of an alleged £0.5m fraud.
S&A, is regarded as one of the business success stories of the last decade. The company, which specialises in chilled speciality foods, has won supply contracts with supermarket giants Asda, Safeway and Tesco.
The company was started by Perween Warsi in 1986 and now has annual revenues of £90m and employees 1,300 staff. Warsi was recently awarded an MBE for services to business after being named woman entrepreneur of the year in 1995.
In 1999, S&A Foods made a £7.5m profit on sales of £60.1m.
A spokesperson at S&A Foods was unwilling to comment on the matter.
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